What do you make of the term blanket insurance? It is an extensive insurance policy that covers your various assets. These assets can be real estate properties or automobiles or both.
Here are some of the things that you must know about blanket insurance policies:
- To begin with, blanket insurance offers a comprehensive coverage that an individual insurance policy certainly can't. You will actually find it very convenient when you don't have to buy different individual insurance policies for getting the coverage that you may need. A Blanket Insurance Policy is obviously easier to understand and it is going to offer you a lot of peace of mind.
- In the case of blanket insurance, you can actually have multiple coverage for a single property, which basically means that in the wake of an eventuality wherein your property sustains damage, you can be recompensed in more ways than one. What's more, you can also have different properties clubbed together under one policy.
- If you often wonder what a blanket insurance policy really is, you will be surprised to know that your home insurance can well be called blanket insurance if it offers coverage for both your house as well as the personal properties that are housed in your house.
- Let us suppose that you are a franchise owner who owns different joints of fast food restaurants in multiple locations. If this is the case, a blanket policy can allow you to have all your stores covered under one policy, which in turn would have a single limit.
- Blanket insurance will understandably be costlier than a single insurance policy but it is generally worth the investment as a blanket program offers coverage for multiple risks. Think of comprehensive homeowner’s insurance that will protect your house from various risks like vandalism, flood, fire hazard etc.
- The personal properties that you can get insured through blanket insurance include antiques, artwork, collectibles etc.
- If you are a landlord, you can have all your properties covered under one blanket insurance program.
- Meanwhile, if you are a restaurant owner, you can use your blanket insurance program for the coverage of items like specialty equipment that often have to be transported from one location to another.
- With blanket health insurance, you can even have your parents included in your health plan.
- To get the most out of blanket insurance, you should first consult insurance experts who will let you know whether you should go for individual policies or a blanket program and the comparisons must first be done in terms of costs before other factors are taken into consideration.
- A blanket insurance policy may cost 10% more than your average policy but to get the same coverage that your blanket program will offer you, you will probably have to buy two separate policies.
So, you see that blanket insurance entails many things and on getting in touch with insurance experts, you may realize that there is actually a lot more to learn than what this informative piece may have apprised you of.